A steadily growing number of businesses around the world are adopting cryptocurrency and other digital assets, such as non-fungible tokens, for transactional, operational, and investment purposes. The activities within the cryptocurrency industry have increased, therefore, leading to businesses investing in novel ways to interact with blockchain. Good for you if you’re looking to start your own cryptocurrency business; once there was just Bitcoin, now there are countless digital assets.
Identifying the right name for your startup can considerably impact your success. A name that’s difficult to understand or memorize will make it costly to manage your brand. You’ll spend more on communication and run longer ad campaigns to ensure people remember you. Naming your cryptocurrency business involves more than just choosing a name you like. A good name will reflect your identity and goals and help you market yourself, not to mention that it will be of great value if you ever want to sell your business or franchise.
Naming your cryptocurrency business is a big challenge. Here are some tips, prompts, and ideas to help you get started.
Don’t Choose a Name That’s Too General or Generic
The ideal brand name for your startup should be all-encompassing to give your business room for growth. Naming a company with reference to a specific geographic area is common, but you must be committed to staying in that location. What if your cryptocurrency business takes off, and you’d like to go national or international? What do you do then? Likewise, it’s not a good idea to select a name that describes trends or fads because their lifespan is too short.
You should be descriptive but not too general because it doesn’t reflect your company’s unique offering, mission, or background. Simply put, you won’t have a remarkable identity. Think of a business named Dash World. You’re not able to tell what it does, right? The name doesn’t accurately describe the service or purpose, so it doesn’t make the business unique. If you need to explain your business name, it most likely indicates a negative outcome. It doesn’t necessarily have to describe what you do, but it must reflect who you are.
Check If a Crypto Business Name Is Taken
If you’re stuck in the brainstorming process, look at business names in your industry. Here are some cryptocurrency business names for inspiration:
- Crypto Vault
- Coin Factory
- Blockchain Capital
- Electronic Money
- Digital wealth
- Bartered to Bits
- Pray for Profit
- Satoshi Bury
Regardless of what name you’re considering for your cryptocurrency business, ensure it’s available to use. To know if a business name has been claimed by someone else, you must research it in a few different areas. Most countries have some sort of registry of business entities. Nevertheless, there are other sources that can help you in your quest, such as Google, Yelp, LinkedIn, and Crunchbase.
There are legal considerations for picking a unique cryptocurrency business name. According to the law, you can’t choose a name that’s identical to another entity; it can’t be only marginally different. The name you select for your startup must be distinctive to receive trademark protection. Copyright protection doesn’t extend to titles, slogans, short phrases, or logos. You can trademark your cryptocurrency company name and anything else unique to your brand.
Avoid Using Your Own Name
Using your own name as your business name can make your brand more successful, but it can also send the wrong message to customers and might not convey your attributes immediately. Unless you’re an established brand, your name doesn’t communicate anything about your cryptocurrency business and may even cause issues if you want to expand or sell your company. Your name is two or more words long, so it’s hard to remember, spell, and get the matching domain name.
It’s possible for two people to have the same first and last name, so if you name the company after yourself, you’ll be the duplicate of another company. Either you’ll be associated with their poor reputation or get sued for using their name, and it will be necessary to prove otherwise. Let’s not forget about your customers. They’ll be confused and might, therefore, order from the competition instead of you.
Test The Name in Online Searches
Choose a few names and test them with your audience before you make up your mind. You can request feedback from family, friends, or colleagues. At times, you might become too fixated on a name to realize that it might be associated with something else. It’s best to test the company name in a search engine before you spend money on signage or other branding material. Add your business listing to Google My Business to ensure your company shows up across the Internet, use good keywords for every page on your site, and publish fresh content on LinkedIn, Twitter, and Facebook.
When it comes to search engine optimization, you’re probably thinking about backlinks or domain authority. Your business name is the last thing on your mind. Just so you know, it can make a huge difference in how you rank in the search engine page results, so choose a brand name that represents your cryptocurrency business. If the name is memorable, people can easily search for you and find you, so use alliteration, pick a two-syllable name, or make your name phonetic.
Wrapping It Up
Your business name is one of the most significant components of your venture, as it’s the first element consumers are exposed to. If you want people to be able to find you, talk about you, and recommend you, you need a catchy business name. Choosing a name can be challenging when starting out a cryptocurrency business, but it’s not something to agonize over. It’s a bit of a process, so you’ll want to make sure you have all the bases covered. After you tackle the name, work on more tangible elements of your identity.
Before going ahead, reach out to your staff and stakeholders to be sure they’re able to identify with the name and concept. Address any potential issues that might arise, such as ethical or cultural implications.